Biomerica Will Acquire Lancer in Stock Deal
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Biomerica Inc. said Thursday it agreed to acquire Lancer Orthodontics Inc., a San Marcos developer of orthodontic products, in a stock transaction.
Biomerica, a Newport Beach medical technology company, said Lancer will receive between 480,000 and 967,742 shares of Biomerica common stock under terms of the deal, which is subject to Lancer shareholder approval and other factors. Biomerica already owns a 30% stake in Lancer.
Lancer will become a wholly owned unit of Biomerica after the deal closes.
Lancer stockholders will retain their shares of the company, which are expected to continue to trade over the counter.
Biomerica shares closed Thursday at 67 cents, up 4 cents, in Nasdaq SmallCap trading. Lancer’s stock climbed 11 cents a share to 33 cents.
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